Asset Register



Asset Register & Independent Plant Audit

The Asset Register is the cornerstone of your facilities management operation. It is essential for this to be current for both maintenance and accountancy protocols.
Building a register is more complex than just finding (location, make, model and serial number) see below. However the register itself becomes a valuable asset to the company.

Compass AFM can assist you in compiling your register. We can work with your own staff or external contractors and if you wish perform an independent audit on the condition of your assets which may identify any potential problems.
Finally to complete the solution using our Computer Aided Facilities Management (CAFM) software Regional Pro4 will provide an excellent database for the information which will both satisfy your own and ISO 14000 audit requirements.

"...the independent asset audit performed by Compass, saved us over €60,000 by preventing a costly critical failure and highlighting issues with a contractor..."
MOG - Facilities Manager

Why do you need an Asset Register

"The asset register is a cornerstone of an asset management framework for entities, no matter what the size of their asset portfolio, in that it keeps asset information as well as an historical record of both financial and non- financial information over each asset's life-cycle for..."
Source: Better Practice Guide on the Strategic and Operational Management of Assets by Public Sector Entities

  • For Insurance Claims. In the event of fire, theft or natural disaster (flood, storm etc.), you must be able to provide proof of ownership / loss. As asset register covers much more that just major plant and equipment assets. An organisation can often have an equal or greater value of other assets including (IT equipment, furniture & fittings etc.). An asset register allows you to present an accurate list with photos to both insurance assessors and police (as required) ... fast.

  • For the Facilities Maintenance Department, a complete asset register is essential to as to plan maintenance operations, know the function of each plant item in relation to its usage within the company and to be certain that ALL plant is maintained to the highest standards. Knowing the age of plant assets allows for future planning for replacement.

  • For the Finance Department, being able to calculate the current value of assets is essential for annual company returns and valuations are required in many contexts including investment analysis, capital budgeting, merger and acquisition transactions, financial reporting, taxable events to determine the proper tax liability, and in litigation. Working with Facilities allows both departments to both future plan budgets and also control the current spend. Asset registers support the annual accounts and so are subject to audit by an auditor.

  • For the Companies Officers, knowing the state and value of fixed assets is essential for operations, complying with company law, future planning and reporting to shareholders. A current Asset Register is also required if the company hopes to achieve ISO 14000 accreditation.



Asset Register Compilation

1. Inventory:
Physically locate all items of plant and add their details inc. photo to the asset register.

2. Visual Condition Assessment:
is a method of determining asset condition by looking for any signs of physical damage or indication of potential problems, (leaks, noise, etc.). All such issues will be noted and photographed.

3. Criticality:
Criticality is a measure of the likelihood and consequence of failure. Critical assets should be identified and an 'Action Plan' designed for each in the event of unexpected failure.
4. Maintenance Schedule:
If there is already a maintenance schedule in place, we can review and comment on it. Otherwise where none exists we can build a schedule that will work for both your organisation and contractors.
5. Valuation:
Following the condition assessment and expected lifespan of plant items, a valuation can be determined with the finance department for all items on the asset register.
 

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